The Williams Report
Connecticut: The Bill Proposed by Rep. Kupchick Would Require Collective Bargaining Agreements for state employees to be approved by both the House and Senate.
Connecticut: Governor’s Budget $153 Million Over the State Spending Cap; proposes removing pension payments from spending cap requirements to allow an additional $153 million in spending.
Connecticut: Hedge Funds Threaten to Leave Connecticut Over Surcharge
The Connecticut Hedge Fund Association says many hedge funds would leave to seek a favorable tax climate.
Illinois: Moody’s Warning Of An Inflection Point In Illinois Signals Need For Spending Reform
“Illinois may be entering a vicious cycle in which increasing population losses lead to an intractable economic crisis.”
Kansas: Kansas Governor Vetoes Expansion of State’s Medicaid Program citing that it would not help “the truly vulnerable,” would add to the state’s financial burdens, and would provide additional funds to Planned Parenthood.
Kansas: Legislature Passes Bill Mending Roughly $290 Million 2017 Budget Shortfall by using money from a long term investment fund
Massachusetts: House Unveils $40.3 Billion State Budget
Montana: Montana Lawmakers Look to Head-Off Future Revenue Shortfalls by Creating Rainy Day Fund
New Hampshire: House Fails to Pass State Budget for First Time in Decades
Pennsylvania: House Sends Pared-Down Budget Bill to Senate
Washington: House Passes Two-Year $44.9 Billion State Budget
West Virginia: House Committee Advances Sales Tax Changes to decrease the rate and broaden the tax base.
California: The Cost of California’s Public Pensions Is Breaking the Bank. Here’s One Reason This Problem Is So Hard to Fix
Some taxpayer advocates contend that language chosen by state attorneys general to describe pension reforms is not impartial and instead favors union positions despite legal requirements that the language be impartial.
California: Appeals Court Vindicates San Diego’s 2012 decision to transition new employees to a 401(k) style retirement system instead of a traditional pension.
Missouri: Missouri Mulling Pension Payouts for Some Former State Workers to save the pension system $7 million per year going forward
North Carolina: Trouble Looms for State Pension and Health Plan
North Carolina’s treasurer cites under performance of investments as one issue facing the state’s pension system. Despite a discount rate of 7.25 percent, the last fiscal year saw less than 1 percent in returns and the last 15 years say just over 6 percent.
Pennsylvania: Corman Exhorts Pension Reform to Balance Budget, Including a Defined Contribution System for New Hires
South Carolina: $145 million Was Approved by the Senate for state and local pension systems, increasing the state commitment to 12.6 percent of employee’s salaries with plans to increase it to 18.6 percent.
South Carolina: State Pension Reform Bill Heads to Gov. McMaster, Would Require Increased Contributions From Workers and Taxpayers
Texas: Moody’s Warns Pension Reform is Vital for Houston to Avoid Credit Rating Downgrading
Texas: State House Committee Passes Houston Pension Reform Bill
“Turner’s proposal recalculates the city’s pension payments, using lower investment return assumptions and aiming to retire the debt in 30 years, both of which would increase the city’s annual costs.”
Texas: As Lawmakers Try to Fix City Pensions, Personal and Business Ties Emerge
“State lawmakers rarely recuse themselves from legislative votes because the definition of a conflict of interest is broad in Texas. Plus, there is no meaningful enforcement mechanism if existing rules are violated.”